Australian Healthcare: Healthcare Daily: News, research & industry feedback

Research evidence excerpt

Australian Healthcare: Healthcare Daily: News, research & industry feedback

Key pipeline catalysts ahead: 1) Vyvgart P3 in myositis is due Q3'26

(unchanged); 2) Empasiprubart P3 in MMN is due Q4'26 (unchanged); 3) Vyvgart

P3 in Sjogren's is due H2'27 (unchanged); 4) Empasiprubart P3 in CIDP due H2'27

(unchanged).

UBS View: Another solid result from Argenx highlighting ongoing share gains of

Vyvgart particularly via PFS. While our forecasts assume anti-FcRn therapies will be a

headwind for Ig market growth, we are increasingly confident this will be modest given

IVIG remains entrenched in clinician & payor treatment practices in CIDP.

For more information on the result, see UBS Analyst Xian Deng's note here, and notes

on the sell-side call here.

Industry Feedback - RHC: Australian Charitable Private Hospital Operator

Earlier this week we hosted a call with a charitable private hospital operator. Key points

from the call with read across for Ramsay included.

Activity growth has remained subdued. Overall admission growth was in the

low-single-digits consistent with the APRA data. The mix of day only vs overnight

and the surgical mix has been stable. The late flu season has reduced workforce

absenteeism without unduly impacting on patient numbers.

Wage pressure has matched expectations. Wages lifted at a high-single-digit

rate in FY26 reflecting the outcome EBA agreement in FY25. The uplift will be

more modest ~4% in FY27.

Other costs mixed. Utilities and IT/Cyber cost inflation remained challenging but

consumables are now rising in line with CPI. Inflation from the Iran conflict has not

meaningful to date.

Health fund rates have been sufficient to cover cost inflation. This is a

continuation of the previous trend however some caution was expressed